FX.co ★ Candelstick analysis of EUR/GBP for 07/07/2010

EUR/GBP currency pair succeeded to break through the resistance level at 0.8325 and presently, it is forming a bull combination of Rising Three Methods candlesticks.
Earlier at the 4-hour chart of EUR/GBP there was fromed a “Hammer” candlestick, which gives a sign about the uptrend.
This candle shows that this currency pair was decreasing during several days after a failed trial to break through the resistance at 0.8385. However, coming closer to 0.8067, it turned out. This in its turn means that the "bulls" activated at this point not giving the bears to fix there.
The break through of Fibonacci correction level 23.6 means that this point of view is correct one. In addition, the currency pair overcame the resistance level at 0.8180, now it is better to wait for the upside tendency to the resistance level at 0.8325.
Then, within the upward trend there was formed a bullish combination of Rising Three Methods candlesticks, which emphasized the "bullish" dominance on the market.
On the other hand, long positions should be closed at overcoming the support level 0.8250, as it will open the way to 0.8166.